Ann: Appendix 4C & Quarterly Activity Report - 30 June 2024, page-8

There is no way it is priced in. In fact, the market is pricing in missing both these guidance markers.

In my view, they are making enough progress for me to believe that they can get to cashflow positive by the end of 2024, but to get to the revenue guidance, they are going to have to pull their finger out. To achieve minimum guidance, they are required to achieve 63% QonQ growth in each of the next two quarters - this is a very big ask, that the market is currently not believing.

If they achieve both, I think we will see a big rerate.